Natural Resources Canada

Natural Resources Canada

October 11, 2012 11:07 ET

Minister Oliver Concludes Successful Mission to Strengthen Natural Resource Opportunities with India

MUMBAI, INDIA--(Marketwire - Oct. 11, 2012) - The Honourable Joe Oliver, Canada's Minister of Natural Resources, today concluded his successful economic mission to India, where he met with top government officials and industry leaders to strengthen investment, innovation and partnerships with Canada in the natural resource sectors. India is the world's fourth-largest energy consumer, with energy consumption expected to double by 2025.

"The Government of Canada recognizes that Canadian exports to India are vital to our future prosperity. We continue to achieve tremendous progress in trade, investment and scientific innovation," said Minister Oliver. "Our government is aggressively pursuing agreements with countries in the Asia-Pacific region to give Canadian businesses an opportunity to compete in the fastest-growing region in the world."

The Minister's visit supports the Government of Canada's priority to increase market opportunities for the export of Canadian natural resources to create jobs, growth and long-term prosperity. India's GDP is expected to grow at least six percent per year over the next five years - meaning that India's demand for energy will soon outweigh the current supply.

Canada is well positioned to help India meet its energy needs. The importance of strengthening our energy relationship with India is underscored by Canada's vast reserves of natural gas and its capacity to become a major exporter of liquefied natural gas. The Minister reinforced Canada's role as a responsible energy supplier and advanced opportunities to diversify natural resource exports to India.

"Our government is committed to an ambitious trade plan that benefits all Canadians," said Minister Oliver. "As you know, the natural resource sectors directly and indirectly employ 1.6 million Canadians and drive almost 20 percent of our economic activity. We will continue to focus on what matters to Canadians - jobs, growth and long-term prosperity."

Throughout the week, Minister Oliver met with government officials and industry leaders to discuss strengthening trade and investment between Canada and India in areas such as energy, mining, metals and wood products and to lay the groundwork for a long-term bilateral relationship. Highlights of the Minister's economic mission included meeting with:

  • Minister Veerappa Moily, Indian Minister of Power, to discuss India's energy needs and how Canada is well positioned to fulfil them;
  • Minister Jaipal Reddy, Indian Minister of Petroleum and Natural Gas, to advance Canadian energy objectives and increase the potential for Canadian oil and liquefied natural gas exports to India;
  • Reliance Industries Limited, Aditya Birla Group and Tata Steel, all major Indian companies that are currently investing and creating jobs in the Canadian natural resource sectors;
  • Minister Farooq Abdullah, Indian Minister of New and Renewable Energy, to promote trade and investment partnerships with India in new and renewable energy projects; and
  • Minister of State Ashwani Kumar, Indian Minister for the Planning Commission, to advance Canadian energy objectives in India and opportunities to support India's priority of energy security.

Minister Oliver also delivered speeches and participated in roundtables with Indian energy, mining and forestry stakeholders and investors.

Last year, Canadian exports to India increased by 27 percent and imports from India increased by over 19 percent. India's bilateral trade with Canada totalled $5.1 billion, and two-way investment reached $5 billion. This week's constructive discussions aim to further build on this important bilateral relationship to increase trade and economic growth for both countries.

"Canada and India are working together to encourage further trade, investment and technological innovation in our natural resource sectors," added Minister Oliver.

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